There has been a flurry of activity over the past 24 hours with our sources suggesting that the very early trades on ferrous scrap were done up $30 to $45 per gross ton. As we slide into late Tuesday our sources were advising that the numbers could be up as much as $50 per gross […] The post Scrap Pricing Moving Higher than Expected appeared first on Steel Market Update.
Ferrous scrap prices are poised to increase to the domestic steel mills and negotiations are under way. The domestic mills did not cancel the open orders that have not yet been delivered which is a sure sign that they expect prices to be higher in December than what they negotiated in November. A pig iron […] The post Early December Scrap Negotiations Suggest Market will be Up $30-$40 appeared first on Steel Market Update.
Steel Market Update went out to a couple of hundred steel buyers and executives today as we probe for information about flat rolled steel prices. At the same time we asked questions about price direction and demand. Tonight we will cover price direction (prior to AM increase announcement) and on Thursday we will cover their […] The post Service Centers/End Users Comment on Price Direction from Here appeared first on Steel Market Update.
As we discussed earlier this week, higher international prices for iron ore, coking coal, pig iron and steel are helping take ferrous scrap export prices higher. SMU had lunch with one of our scrap/pig iron experts who advised that 80/20 scrap export prices may have reached $280 per metric ton delivered. At the same time, […] The post Watch Scrap Prices Lead Flat Rolled Prices Higher appeared first on Steel Market Update.
Steel Market Update (SMU) ferrous scrap sources advised us over the weekend that strength in the Ohio Valley, as well as in the export markets, has led to ferrous scrap prices trading higher than originally thought. Talks continue in many of the regions of the country which have not yet completed scrap pricing negotiations for […] The post November Scrap Prices Moving Higher than Expected appeared first on Steel Market Update.
Steel Market Update (SMU) is adjusting our Price Momentum Indicator to “Higher” from Neutral. It is our opinion that flat rolled steel prices in the United States and Canada will move higher over the next 30 to 60 days. There are a number of reasons why we have chosen to make this move now, here […] The post SMU Price Momentum Indicator Adjusted to “Higher” appeared first on Steel Market Update.
All eyes this week will be on the scrap dealers and their steel mill customers as they haggle over where ferrous scrap prices will trade for the month of November. The opinion of many in the steel industry is that as scrap prices increase, it will both support the flat rolled steel price announcements already […] The post Ferrous Scrap Negotiations Point Toward Higher Steel Prices appeared first on Steel Market Update.
Steel Market Update has been working on developing new sources to complement some of our original sources out of China. The following information is part of a report we receive once per week from two steel trading companies located in Asia and actively involved with the Chinese steel industry. The first note is from one […] The post Chinese Domestic & Export Steel Pricing appeared first on Steel Market Update.
Steel Market Update scrap sources are advising us to expect ferrous scrap prices have bottomed and will increase once the November negotiations get underway next week with the domestic steel mills. We are hearing scrap prices should increase by a minimum of $10 per gross ton and some items could go up by as much […] The post November Scrap Prices Expected to Increase by $10-$30 appeared first on Steel Market Update.
Steel Dynamics reported higher flat rolled prices resulted in an 11 percent increase in earnings in the third quarter. Net earnings were $284 million on net sales of $2.1 billion. Adjusted net income, including a $5 million litigation settlement charge, was $157 million for the quarter. SDI steel production was at 85 percent capacity in […] The post SDI Believes Weaker Demand is Seasonal, Not Structural appeared first on Steel Market Update.